Herrick Represents The New York Yankees In 21st Century Fox’s Majority Stake Acquisition In Yes Network
New York, January 27, 2014 – Herrick, Feinstein LLP is proud to have represented the New York Yankees and Yankee Global Enterprises in 21st Century Fox's (NASDAQ: FOX, FOXA; ASX: FOX, FOXLV) agreement to acquire a majority stake in the Yankees Entertainment and Sports Network (YES Network). The acquisition, which is expected to close by the end of the first calendar quarter, subject to regulatory and other requisite approvals, raises 21st Century Fox's ownership position in the regional sports network to 80 percent. The remaining 20 percent stake will continue to be held by Yankee Global Enterprises.
"Herrick's association with YES goes back to 2001, when we advised Yankee Global Enterprises in the formation of the network – which was a pioneering development in regional sports broadcasting," said Irwin A. Kishner, chairman of Herrick's Executive Committee. "We are proud to have helped Yankee Global Enterprises, the New York Yankees, and their respective affiliates navigate the quickly evolving sports broadcasting landscape over the past 13 years."
Herrick had previously advised the New York Yankees and Yankee Global Enterprises in News Corporation's 2012 acquisition of a 49 percent equity stake in the YES Network. The Herrick deal team advising on 21st Century Fox's majority stake acquisition was led by Mr. Kishner, and included corporate partner Daniel A. Etna.
Herrick's Corporate Department has a track record of successes representing major clients across the country and around the world, including many Fortune 1000 firms. The firm's clients include financial institutions, private equity firms, venture capital firms, hedge funds, investment banks and private investors on a full range of matters.